Business savings account
Easy Access savings account
Get a great return on your company cash without tying it up for a fixed term.
Please read the Product Summary (PDF) and Terms and Conditions before you apply.
AER1 (variable)
Why save with Allica?
FSCS protected
Eligible deposits are covered by the FSCS up to £85k.
Apply & manage online
No need for any unnecessary paperwork.
Easy access
Flexible saving. Withdraw anytime.
FSCS guaranteed
All our current accounts and savings accounts are covered by the Financial Services Compensation Scheme (FSCS). This means that, should anything happen to Allica Bank, any eligible deposit of up to £85,000 will be protected.
Find out more about your eligibility for FSCS coverage here.
Product Summary
Easy Access business savings account
Issue 2
What is the interest rate?
Interest is calculated daily and paid annually into this account.
1 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
What is the minimum and maximum I can invest?
You can invest between £20,000 and £2,000,000 into this account.
You can make as many deposits as you like during the lifetime of the account up to a total of £2,000,000.
Can Allica Bank change the interest rate?
Yes we can. The interest rate on this account is variable. See section 8 in your Terms & Conditions for more information.
What would the estimated balance be after 12 months based on a £20,000.00 deposit?
Opening deposit | Balance at maturity | Interest earned |
£20,000.00 | £20,710.00 | £710.00 |
This assumes interest is paid into this savings account and does not take into account individual circumstances.
How do I open and manage my account?
To open your account:
- You can open your account using our online form at www.allica.bank
- You must deposit the minimum amount of £20,000. If your account hasn’t reached the minimum deposit
amount by the end of the 14 days funding period then the account will be closed and your funds will be returned. - Your business must be UK based and registered with Companies House.
- Your application must be made by either a director of the company or the company secretary. You must have the authority to open an account on behalf of the company and obtain consent from the owners and directors of the business.
- We will do the appropriate data checks of the owners and directors of your business to validate their identity.
- You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. This is also where we’ll send your money if you choose to make a withdrawal.
To manage your account:
- The account can be managed using our online banking service.
- You can instruct withdrawals, view your balance, transactions and communicate through our online banking service.
- Please note you can view your balance and communicate using our mobile app.
Can I withdraw money?
- You can make unlimited withdrawals to your nominated account.
- To request a withdrawal, simply log in to our online banking service. Please note withdrawal cannot be instructed via our mobile app.
- Withdrawals made before 3.30pm usually happen straightaway but could take up to the end of the same business day.
- Withdrawals made after 3.30pm could take up to the end of the next business day.
- When we say business days, we mean Monday to Friday but not UK bank holidays.
Note that, should your balance fall below our minimum deposit, we will need to close your account.
When can I close the account?
You can close the account at any time by withdrawing the full balance to your nominated account.
Additional information
We will pay you your interest in full, without the deduction of income tax.
This savings account is a limited offer and can be withdrawn at any time prior to you opening your account.
If you change your mind within 14 days of opening your account, you can cancel your account without penalty or notice.
If you need additional help and support with your application then please email our customer support team at customer.services@allica.bank or call us on 0330 094 3333.
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Overview
Easy Access accounts
Things you should know before applying:
- You won’t need to change your business’ existing current account.
- You can deposit between £20,000 and £2,000,000.
- We don’t charge any fees for using our savings accounts.
- Applications are made entirely online. So make sure you have access to the internet, and also a mobile phone in order to complete our security checks.
- You can request a partial or full withdrawal, through our internet banking service.
- Read the Terms and Conditions for this account.
To be eligible you must:
- Be based in the UK.
- Business must be registered with Companies House.
- Have a UK business bank account.
In addition, all controlling persons and significant owners must be resident in the UK and over 18 years’ old.
Get Started
You can apply to open your account right away using our online application form. We'll just need to know a little about your business and any controlling persons or significant owners.